AES Indiana Celebrates Earth Day with two generation project updates

April 22, 2025

INDIANAPOLIS – AES Indiana, a subsidiary of AES Corporation (NYSE: AES) is celebrating Earth Day with two generation project updates. AES Indiana is proud to announce the full operations of the Pike County Battery Energy Storage System (BESS) and approval by the Indiana Utility Regulatory Commission (IURC) to acquire and construct a project called Crossvine, a solar plus battery storage project located in Dubois County.

“These announcements represent the latest milestones in our more than a decade-long journey toward transitioning to a more balanced energy portfolio that adds flexibility to the grid while keeping costs affordable for our customers,” said Brandi Davis-Handy, President of AES Indiana. "As the needs of our customers and communities grow, so will the ways we reliably power their needs today and well into the future.”

Pike County BESS

The Pike County BESS is a groundbreaking achievement as one of the largest BESS projects within the Midcontinent Independent System Operator (MISO) footprint. This project is part of approximately $1.1 billion in investments in Pike County from 2024 to 2026, which includes repowering Petersburg Generating Station Units 3 and 4 and adding two solar and battery storage projects announced last year.

• Pike County BESS can store and deliver 200 MW of electricity for up to four hours.
• Pike County BESS also has the capacity to power more than 38,000 homes during peak demand periods, ensuring grid stability and reliability.

To learn more about the Pike County BESS, go to aesindiana.com/pike-county.

Crossvine Project

Crossvine, which AES Indiana will purchase from Lightsource bp, is anticipated to bring 85 megawatts of solar capacity and 85 megawatts / 4 hours of battery power capacity to AES Indiana’s generation portfolio, once complete in mid-2027. 

• Crossvine is estimated to have the capacity to power approximately 14,500 homes, enabling AES Indiana to better meet customer needs and the state’s increasing power demands.

The Crossvine project helps to fulfill a generation need identified as part of AES Indiana’s 2022 Integrated Resource Plan (IRP).Crossvine will join AES Indiana’s portfolio of renewable projects that also includes Hoosier Wind in Benton County and Hardy Hills Solar in Clinton County. Altogether, Hoosier Wind, Hardy Hills and Crossvine are projected to generate approximately 760,000 MWh annually from solar generation, enough to power the equivalent of 63,000 homes when Crossvine is operational by mid-2027. For more information on AES Indiana’s generation portfolio, visit aesindiana.com/power-generation.

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About AES Indiana

AES Indiana, an AES Company, provides retail electric service to more than 530,000 residential, commercial and industrial customers in Indianapolis, as well as portions of other Central Indiana communities surrounding Marion County. During its long history, AES Indiana has supplied its customers with some of the lowest-cost, most reliable power in the country. For more information about the company, please Connect with AES Indiana on X, Facebook and LinkedIn. For more information about how AES Indiana is accelerating the future of energy, visit aesindiana.com. 

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934. These statements include declarations regarding management's intents, beliefs and current expectations and typically contain, but are not limited to, the terms "anticipate," "potential," "expect," "forecast," "target," "will," "intend," "believe," "project," "estimate," "plan," “seek” and similar words. Such forward-looking statements include, but are not limited to, statements with respect to infrastructure improvements, strategic objectives, management’s expectations, and other anticipated matters in connection with the acquisition of Crossvine and its effects, including those on AES Indiana’s financial performance and condition. Forward-looking statements are not intended to be a guarantee of future results, but instead constitute AES Indiana’s current expectations based on reasonable assumptions. Forecasted financial information is based on certain material assumptions. These assumptions include, but are not limited to, our expectations regarding timing of events, accurate projections of market conditions and regulatory rates, future interest rates, commodity prices, and continued normal levels of operating performance and electricity volume, as well as achievements of planned productivity improvements, growth investments at normalized investment levels and rates of return consistent with prior experience. Actual results could differ materially from those projected in our forward-looking statements due to risks, uncertainties, and other factors. Important factors that could affect actual results are discussed in IPALCO Enterprises, Inc.’s (“IPALCO”), filings with the Securities and Exchange Commission (“SEC”), including, but not limited to, the risks discussed under Item 1A: “Risk Factors” and Item 7: "Management’s Discussion & Analysis" in IPALCO’s 2023 Annual Report on Form 10-K and in subsequent reports filed with the SEC. Readers are encouraged to read IPALCO’s filings to learn more about the risk factors associated with IPALCO’s businesses. IPALCO and AES Indiana undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except where required by law. Any security holder who desires copies of IPALCO’s periodic reports filed with the SEC may obtain copies (excluding Exhibits) without charge by addressing a request to the Office of the Corporate Secretary, IPALCO Enterprises, Inc., One Monument Circle, Indianapolis, IN 46204. Exhibits also may be requested, but a charge equal to the reproduction cost thereof will be made. Copies of the periodic reports may also be obtained by visiting AES Indiana’s website at www.aesindiana.com.